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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 23 / 32





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the Exchange has regulatory jurisdiction over its members, member organizations, and approved

persons of a member organization. The Exchange also has regulatory jurisdiction over any

person or entity controlling a member organization, as well as a subsidiary or affiliate of a

member organization that is in the securities business. A subsidiary or affiliate of a member

organization that does business only in commodities would not be subject to Exchange

jurisdiction, but the Exchange could obtain information regarding the activities of such

subsidiary or affiliate through surveillance sharing agreements with regulatory organizations of

which such subsidiary or affiliate is a member.

Amex Rule 1204A(c) also prohibits the specialist in the Silver Shares from using any

material nonpublic information received from any person associated with a member or employee

of such person regarding trading by such person or employee in physical silver, silver futures

contracts, options on silver futures, or any other silver derivative (including the Silver Shares).47

Prior to the commencement of trading, the Exchange will issue an Information Circular

(described below) to members informing them of, among other things, Exchange policies

regarding trading halts in Silver Shares. First, the Circular will advise that trading will be halted

in the event the market volatility trading halt parameters set forth in Amex Rule 117 have been

reached. Second, the Circular will advise that, in addition to the parameters set forth in Amex

Rule 117, the Exchange may halt trading in Silver Shares if conditions in the underlying silver

market have caused disruptions and/or lack of trading. Third, with respect to a halt in trading

that is not specified above, the Exchange may also consider other relevant factors and the

existence of unusual conditions or circumstances that may be detrimental to the maintenance of a


Telephone conference between Jeffrey Burns, Associate General Counsel, Amex, and Florence Harmon, Senior Special Counsel, Division of Market Regulation, Commission,


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